N.Y. Brokerage Firm Indicted

A federal grand jury today indicted Shearson Lehman Bros. Inc., a major Wall Street brokerage house, a former Shearson employee and six other individuals on charges they were involved in a gambling and money-laundering scheme.

Included among the seven individuals was Joseph Mastronardo Jr., son-in-law of former Philadelphia Mayor Frank Rizzo. U.S. Atty. Edward Dennis said that gross receipts from the betting were estimated at $1 million per week and that the profits were turned over to Herbert L. Cantley, who was sales manager of Shearson’s Philadelphia office.